That sad fact would certainly elude anyone who accepted the president’s justification for the AJA when he sent the bill to Congress. This bill, he said, will "put more people back to work and put more money in the pockets of working Americans. And it will do so without adding a dime to the deficit." How? Why, by closing "corporate tax loopholes" and insisting that the wealthiest American’s pay their "fair share" of taxes.
No president can conjure up jobs through a mishmash of taxes, subsidies, and regulations. President Obama’s last and only chance is to reverse course and to help to reinvigorate the economy with low taxes and free labor markets. Unfortunately, the president is incapable of understanding this point. Let us hope that the Congress and the American people get the message now, for otherwise the unemployment picture will be worse in a year—just in time to vote Barack Obama out of office.
Richard is a Senior Fellow at the Hoover Institution, a Professor of Law at New York University Law School, and senior lecturer at the University of Chicago. He blogs at Defining Ideas.